The euro “irreversible”? I’ll be dipped!

The Spanish and Italian yield curves look worrying all over. 10-Year Yields day after day over 7% is no good sign. On the contrary. Everything indicates that these countries are in for a long period of recession. They have no growth. Debt servicing is rising. And the 10-Year Spread against Germany widens and widens. There are today every sign that the euro crisis is spinning out of control. And that the GIIPS countries’ lack of monetary sovereignty will lead to the downfall of the euro.

And still the euro zone is said not to be in danger of breaking up according to European Central Bank President Mario Draghi. Interviewed in Le Monde Draghi says that